1984-026 - Laserfiche WebLink

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In order to secure payment of the Bonds, the Issuer shall cause a. special assessment lien to be placed against those properties which initially benefit from th^_ Project, such special assessment lien to be coequal with the lien of all state, county, district and municipal taxes and superior in dignity to all other liens, titles and claims (the "Collateral"). No Collateral shall be released by Issuer without the substitution therefor of additional collateral satisfactory to Bank. Should the Issuer fail to institute and complete the foreclosure F.:oceedings on any delinquent assessment within ten (10) months of the due date of such delinquent assessment, Bank in its capacity as bondholder shall have the right to institute foreclosure proceedings, or complete foreclosure proceedings already commenced by the Issuer, on behalf of the Issuer as to such delinquent assessment. 4. COST AND COMPLETION DATE OF THE PROJECT Prior to purchase of the Bonds, the Issuer shall have entered into appropriate contractural arrangements with a contractor to make water available to the Project by March 1, 1985 at a cost not to exceed $2,850,000. 5. OTHER COMMITMENT REQUIRED Prior to purchase of the Bonds, Issues small provide the Bank with the commitment of the Farmer's Home Adminis- tration to fund $800,000.00 of the cost of the Project. - 6. COMPLETION OF THE Pi(OJECT It shall be a condition precedent to the payment of any costs in connection with the construction of the Project that at all times the amount of the undisbursed Bond proceed: together with funds on deposit from the FArmer's Home Admin- istration or other guaranteed sources shall be sufficient to complete the construction of the Project. Should the undis- bursed Bond proceeds together with the above described funds on deposit be insufficient to complete the Project, Issuer shall provide the funds sufficient to complete the Project before any further disbursements are made of the Bond pro- ceeds. 2. BOND AMORTIZATION Amortization of the principal of the Bonds shall be in ten (10) consecutive annual installments of principal, tale first nine installments to be in the amount of $190,000.00 ® each and the final installment shall be in the amount of $340,000.00. The first payment of principal shall be due and payable on May 1, 1987. Accrued interest on the unpaid principal balance shall be payable annually on May lst of a each year commencing May 1, 1986. Notwithstanding the fore- going, all monies in the Sinking Fund (aa hereinafter defined) shall be paid to Bank as bondholder on the first day of May, 1986 and the first day of each November and May thereafter A until the bonds have been paid in full, such monies to be applied first to accrued interest and the remainder to principal. There shall be no acceleration of principal in the event of a default in the amortization of the Bonds. 3. SECURITY In order to secure payment of the Bonds, the Issuer shall cause a. special assessment lien to be placed against those properties which initially benefit from th^_ Project, such special assessment lien to be coequal with the lien of all state, county, district and municipal taxes and superior in dignity to all other liens, titles and claims (the "Collateral"). No Collateral shall be released by Issuer without the substitution therefor of additional collateral satisfactory to Bank. Should the Issuer fail to institute and complete the foreclosure F.:oceedings on any delinquent assessment within ten (10) months of the due date of such delinquent assessment, Bank in its capacity as bondholder shall have the right to institute foreclosure proceedings, or complete foreclosure proceedings already commenced by the Issuer, on behalf of the Issuer as to such delinquent assessment. 4. COST AND COMPLETION DATE OF THE PROJECT Prior to purchase of the Bonds, the Issuer shall have entered into appropriate contractural arrangements with a contractor to make water available to the Project by March 1, 1985 at a cost not to exceed $2,850,000. 5. OTHER COMMITMENT REQUIRED Prior to purchase of the Bonds, Issues small provide the Bank with the commitment of the Farmer's Home Adminis- tration to fund $800,000.00 of the cost of the Project. - 6. COMPLETION OF THE Pi(OJECT It shall be a condition precedent to the payment of any costs in connection with the construction of the Project that at all times the amount of the undisbursed Bond proceed: together with funds on deposit from the FArmer's Home Admin- istration or other guaranteed sources shall be sufficient to complete the construction of the Project. Should the undis- bursed Bond proceeds together with the above described funds on deposit be insufficient to complete the Project, Issuer shall provide the funds sufficient to complete the Project before any further disbursements are made of the Bond pro- ceeds.